Bitcoin price is currently accumulating within a lower time frame and hence is speculated, to begin with, redistribution very soon. On the other hand, the BTC price has been trying very hard to hold above the lower trend line for a long time. Woefully, the extended bearish pressure may soon drop the asset below the trend line.
Interestingly, the Nasdaq is bouncing upwards, while the asset appears to be primed to reach beyond $21,500. Additionally, the yearly moving average is on the verge to cross the 2-yearly moving average, which has been bullish during the previous rallies.
Bitcoin which is now acting more or less like a stablecoin may wake up and surge high soon.
The BTC price is currently consolidating within an ascending triangle and approaching the peak. If the day’s close registers on a bullish note, the price may enter the crucial resistance zone in the upcoming hours. After hovering within the resistance zone for some time, the price may initially test the immediate resistance at $22,816. If the asset tests & clears these levels, a clear breakout beyond $23,576 is imminent.
However, the possibility of a significant drop may not be eliminated as the bearish flag in the daily time frame is still active. An extended consolidation until the monthly close may eventually nullify the bearish impact and pave way for a decent upward trajectory.
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Sahana Vibhute A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.
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